There is few kind of project
1. Fixed price 2. Time and material projects
Fixed prices project: is one where the task of the project pricing would not change with time and scope. Scope change needs to be taken care
Problems: If we make mistakes in plan ultimately it is loss for the firm which is doing work.
1. Involve right team to plan, and to make the pricing
2. Do not assume anything
3. Hire a good “delivery manager” and team to do the work
4. be rigid with requirement changes
5. Need to get buy-in from Senior Management to act and work smartly
6. Have good CCB (Change control board” authorize “CR” than increase in SCOPE.
7. If project exceeds beyond the budget, the PM and seniors should able to terminate contract to reduce further loss
[Wrote in Bangalore (1st Nov 2008) ]